杠杆式外汇投资监管制度建设研究
发布时间：2018-08-20 15:24
【摘要】：随着我国经济持续发展,外汇资金不断增长,参与国际外汇市场投资需求也在不断提高,其中,杠杆式外汇投资日益受到我国投资者的关注。杠杆式外汇投资是目前国际外汇市场的重要交易品种,交易额占国际外汇市场日均53000亿美元交易量的1/3。在我国,杠杆式外汇投资有过两次市场实践,由于受市场风险控制与国际金融危机的影响,我国金融监管部门出于谨慎,中止了国内商业银行此项产品服务。但杠杆式外汇投资的市场需求并未因此消失,反而呈日益扩大之势。基于我国外汇投资需求,众多国外投资银行和货币经纪商,纷纷向我国投资者提供杠杆式外汇投资服务。目前,国内投资者接受国外金融机构服务进行杠杆式外汇交易,涉及外汇资金数量很大。同时,国内金融机构因不能提供该项投资产品服务,不仅失去了获取服务收益的机会,也失去了这一重要的金融市场。国内金融机构在国际金融产品竞争和服务竞争方面也因此受到制约,这对我国在国际金融市场提高市场竞争力和获得战略主动权将产生不良影响。对国内金融机构这一产品的服务限制,又造成金融监管真空,不仅出现大量外汇不合规外流,也造成国家税收间接流失。如何依法监管众多国外金融机构为我国投资者提供的杠杆式外汇投资服务,同时支持我国金融机构积极稳妥开展杠杆式外汇业务,合理引导、科学规范国内投资者参与国际外汇市场的投资行为,有效提高我国巨量外汇资源在国际外汇市场的配置效率和运作效益,正成为我国政府金融监管部门必须面对的重要现实问题。本文基于杠杆式外汇投资相关理论,对杠杆式外汇投资及其发展趋势的研究认为,杠杆式外汇投资在我国的发展是市场需求和对外经济发展到一定阶段的必然产物。在世界经济一体化、金融市场对外开放不断深入的大背景下,我国需要顺应国际金融市场发展趋势,积极探索开放杠杆式外汇投资业务,逐步建立完善相应金融监管制度,避免这一产品市场被国外金融机构蚕食垄断,为我国投资者消除金融隐患、提供金融安全,也为我国金融机构在这一国际外汇市场的高端服务领域获得主动权提供支持。本文结合我国既往杠杆式外汇投资监管及实践,分析了我国市场监管的经验教训和存在问题。在研究国外监管制度和监管经验的基础上,分析了我国可以借鉴的国外杠杆式外汇投资监管制度和经验,提出了可行的监管建议。以上研究,试图为政府金融监管部门建立与完善监管杠杆式外汇投资业务监管制度提供理论支持,以促进杠杆式外汇投资业务在我国健康发展。我国应建立针对杠杆式外汇投资的统一金融监管制度,探索以制定和完善《外汇市场衍生产品交易条例》为基础,设立严格的服务准入门槛,适当限制杠杆倍率,建立规范透明及时的信息披露制度,建立多层次的投资者保护体系。
[Abstract]:With the continuous development of China's economy and the increasing of foreign exchange funds, the demand for participation in the international foreign exchange market is also increasing. Among them, the leveraged foreign exchange investment is attracting more and more attention from Chinese investors. Leveraged foreign exchange investment is an important trading variety in the international foreign exchange market at present, accounting for 1 / 3 of the daily trading volume of 5.3 trillion US dollars in the international foreign exchange market. In China, there have been two market practices in leveraged foreign exchange investment. Due to the influence of market risk control and international financial crisis, China's financial supervision department, out of caution, has suspended this product and service from domestic commercial banks. But the market demand for leveraged foreign exchange investment has not disappeared, but is growing. Based on the demand of foreign exchange investment in China, many foreign investment banks and money brokers provide leveraged foreign exchange investment services to Chinese investors one after another. At present, domestic investors accept foreign financial institutions for leveraged foreign exchange transactions, involving a large amount of foreign exchange funds. At the same time, because domestic financial institutions can not provide the investment products and services, they not only lose the opportunity to obtain service income, but also lose this important financial market. As a result, domestic financial institutions are restricted in the competition of international financial products and services, which will have a negative impact on improving the market competitiveness and gaining the strategic initiative in the international financial market. The service restriction on this product of domestic financial institutions also causes a vacuum of financial supervision, which not only leads to a large amount of foreign exchange irregular outflow, but also results in the indirect loss of national tax revenue. How to supervise the leveraged foreign exchange investment service provided by many foreign financial institutions to our investors according to law, and how to support our financial institutions to actively and steadily carry out the leveraged foreign exchange business and guide them reasonably, To scientifically regulate the investment behavior of domestic investors to participate in the international foreign exchange market, and to effectively improve the efficiency and operational efficiency of the allocation and operation of China's huge foreign exchange resources in the international foreign exchange market. Is becoming our country government finance supervisory department must face the important realistic question. Based on the relevant theories of leveraged foreign exchange investment, this paper studies the leveraged foreign exchange investment and its development trend. It is concluded that the development of leveraged foreign exchange investment in China is the inevitable outcome of market demand and the development of foreign economy to a certain stage. Under the background of the integration of the world economy and the deepening opening of the financial market, our country needs to conform to the development trend of the international financial market, actively explore and open the leveraged foreign exchange investment business, and gradually establish and perfect the corresponding financial supervision system. To avoid the monopoly of this product market by foreign financial institutions, to eliminate financial hidden dangers for Chinese investors, to provide financial security, and to provide support for our financial institutions to gain the initiative in this high-end service field of the international foreign exchange market. This paper analyzes the experience, lessons and existing problems of China's market supervision based on China's previous leveraged foreign exchange investment supervision and practice. On the basis of studying foreign supervision system and supervision experience, this paper analyzes the foreign leveraged foreign exchange investment supervision system and experience that our country can use for reference, and puts forward some feasible supervision suggestions. The above research attempts to provide theoretical support for the establishment and improvement of the regulatory system of leveraged foreign exchange investment business in order to promote the healthy development of leveraged foreign exchange investment business in China. China should establish a unified financial supervision system for leveraged foreign exchange investment, explore the establishment of strict service entry threshold and appropriate restriction of leverage ratio, based on the formulation and improvement of the Foreign Exchange Market Derivatives Trading regulations. Establish a transparent and timely information disclosure system and establish a multi-level investor protection system.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6
[Abstract]:With the continuous development of China's economy and the increasing of foreign exchange funds, the demand for participation in the international foreign exchange market is also increasing. Among them, the leveraged foreign exchange investment is attracting more and more attention from Chinese investors. Leveraged foreign exchange investment is an important trading variety in the international foreign exchange market at present, accounting for 1 / 3 of the daily trading volume of 5.3 trillion US dollars in the international foreign exchange market. In China, there have been two market practices in leveraged foreign exchange investment. Due to the influence of market risk control and international financial crisis, China's financial supervision department, out of caution, has suspended this product and service from domestic commercial banks. But the market demand for leveraged foreign exchange investment has not disappeared, but is growing. Based on the demand of foreign exchange investment in China, many foreign investment banks and money brokers provide leveraged foreign exchange investment services to Chinese investors one after another. At present, domestic investors accept foreign financial institutions for leveraged foreign exchange transactions, involving a large amount of foreign exchange funds. At the same time, because domestic financial institutions can not provide the investment products and services, they not only lose the opportunity to obtain service income, but also lose this important financial market. As a result, domestic financial institutions are restricted in the competition of international financial products and services, which will have a negative impact on improving the market competitiveness and gaining the strategic initiative in the international financial market. The service restriction on this product of domestic financial institutions also causes a vacuum of financial supervision, which not only leads to a large amount of foreign exchange irregular outflow, but also results in the indirect loss of national tax revenue. How to supervise the leveraged foreign exchange investment service provided by many foreign financial institutions to our investors according to law, and how to support our financial institutions to actively and steadily carry out the leveraged foreign exchange business and guide them reasonably, To scientifically regulate the investment behavior of domestic investors to participate in the international foreign exchange market, and to effectively improve the efficiency and operational efficiency of the allocation and operation of China's huge foreign exchange resources in the international foreign exchange market. Is becoming our country government finance supervisory department must face the important realistic question. Based on the relevant theories of leveraged foreign exchange investment, this paper studies the leveraged foreign exchange investment and its development trend. It is concluded that the development of leveraged foreign exchange investment in China is the inevitable outcome of market demand and the development of foreign economy to a certain stage. Under the background of the integration of the world economy and the deepening opening of the financial market, our country needs to conform to the development trend of the international financial market, actively explore and open the leveraged foreign exchange investment business, and gradually establish and perfect the corresponding financial supervision system. To avoid the monopoly of this product market by foreign financial institutions, to eliminate financial hidden dangers for Chinese investors, to provide financial security, and to provide support for our financial institutions to gain the initiative in this high-end service field of the international foreign exchange market. This paper analyzes the experience, lessons and existing problems of China's market supervision based on China's previous leveraged foreign exchange investment supervision and practice. On the basis of studying foreign supervision system and supervision experience, this paper analyzes the foreign leveraged foreign exchange investment supervision system and experience that our country can use for reference, and puts forward some feasible supervision suggestions. The above research attempts to provide theoretical support for the establishment and improvement of the regulatory system of leveraged foreign exchange investment business in order to promote the healthy development of leveraged foreign exchange investment business in China. China should establish a unified financial supervision system for leveraged foreign exchange investment, explore the establishment of strict service entry threshold and appropriate restriction of leverage ratio, based on the formulation and improvement of the Foreign Exchange Market Derivatives Trading regulations. Establish a transparent and timely information disclosure system and establish a multi-level investor protection system.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6
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